North Carolina Long Term Care Insurance Partnership Review
Long Term Care Insurance North Carolina Partnership
The Long Term Care Insurance North Carolina Partnership Program combines private long term care insurance with special access to Medicaid. The Long Term Care Insurance North Carolina Partnership provides North Carolinian’s the ability to shield a part, or all their assets, while still being able to qualify for Medicaid. This Medicaid qualification would be in case their long term care needs extend beyond the amount payable by their private long term care insurance.
There are several long term care insurance companies offering insurance in North Carolina. These companies are required by the Long Term Care Insurance North Carolina Partnership to offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy. In 2010, North Carolina legislators passed Session Law 2010-68. Senate Bill 1193, authorized the establishment of the North Carolina Long Term Care Partnership (LTCP) Program. The long term care insurance companies selling insurance in North Carolina under the Long Term Care Insurance North Carolina Partnership provide the LTC insurance policies known as “Partnership Policies”.
How Many People Need Long Term Care?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. The need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. This health qualification aspect makes it important to plan ahead. In a general sense, this means buying long term care insurance when you’re in your 50’s and enjoying good health.
North Carolina Long Term Care Costs
North Carolinian’s need to know the cost of long term care services when planning for future long term care needs. The current cost of care in North Carolina, and future cost projections, tell how much long term care protection to have in your retirement plan.
A comprehensive study on national long term care costs is from LifePlans, Inc. for the John Hancock Life Insurance Company. Their most recent Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation. This allows you to better pinpoint future long term care costs in North Carolina. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest life insurers in the United States. Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. This Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers.
North Carolina Long Term Care Costs – 2018 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| North Carolina Median | $92,528 | $83,403 | $44,318 | $45,188 |
| Asheville | $97,090 | $92,163 | $53,888 | $50,336 |
| Burlington | $98,550 | $89,425 | $33,600 | $46,904 |
| Charlotte Area | $91,980 | $83,220 | $45,638 | $48,048 |
| Durham Area | $91,250 | $86,688 | $37,800 | $50,336 |
| Fayetteville | $91,250 | $73,730 | $37,200 | $50,336 |
| Goldsboro | $170,820 | $93,440 | $33,000 | $41,184 |
| Goldsboro Area | $104,755 | $94,718 | $58,590 | $41,184 |
| Greenville | $87,600 | $81,030 | $56,400 | $42,328 |
| Hickory Area | $102,748 | $92,345 | $39,600 | $45,760 |
| Jacksonville | $85,045 | $82,490 | $37,500 | $48,048 |
| New Bern | $83,768 | $79,205 | $43,050 | $41,184 |
| Raleigh | $95,995 | $85,501 | $69,000 | $46,904 |
| Rocky Mount | $96,360 | $89,790 | $33,000 | $38,896 |
| Wilmington | $88,330 | $82,125 | $64,260 | $46,858 |
| Winston Area | $87,965 | $83,403 | $50,580 | $43,472 |
| Rest of State | $86,140 | $78,110 | $39,600 | $38,896 |
Long Term Care Insurance North Carolina Reciprocity
Some may buy a qualified Long Term Care Partnership policy in another State, under their Long Term Care Partnership program. Reciprocity means they will not lose their asset protection if they later move to North Carolina. North Carolina would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before moving to North Carolina. Following is a source for more information on Long Term Care Partnership programs in North Carolina and other states.
How Much Does Long Term Care Insurance Cost?
How much does North Carolina long term care insurance cost? The answer: It depends upon your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower your premium. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
North Carolina Long Term Care Insurance Rates
A Long Term Care Insurance North Carolina Partnership policy costs about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Long Term Care Insurance North Carolina Partnership policies can limit your options when selecting your policy benefits. So consumers should compare North Carolina LTC Partnership policies with non-Partnership policies. To best understand the difference, we recommend working with a Long Term Care Insurance Agent specializing in this insurance. For long term care insurance quotes specific to your situation please complete the form on this page.
How to Buy North Carolina Long Term Care Insurance
Long Term Care Insurance North Carolina Partnership policies are sold by several long term care insurance companies. Insurance agents offering LTC Partnership policies must maintain a special certificate of training. Insurance providers offering North Carolina long term care insurance include the following:
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Request North Carolina LTC Insurance Quotes!
We give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for you. We’ve specialized in long term care planning since 1990. Our independent representatives shop all the major long term care insurance providers in North Carolina and give you:
- Price comparisons customized for your specific needs from respected companies like Mutual of Omaha, Transamerica, Lincoln Financial, LifeSecure and others. We also provide detailed comparisons to the AARP LTC insurance offering.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base and claims paying experience.